Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Merger or Acquisition (June 2025)
8 slides from Plains All American Pipeline, L.p's merger presentation, Jun 17, 2025
Slide 1: NGL Business Divestment
NGL Business Divestment Establishing Midstream Crude Oil “Pure Play” June 17, 2025
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures Disclosure
Forward-Looking Statements & Non-GAAP Financial Measures Disclosure ▪ Except for the historical information contained herein, the matters discussed in this presentation consist of Investor Contacts forward-looking statements including, but not limited to, statements regarding the proposed transactio
Slide 3: Transaction Highlights
Transaction Highlights Establishes premier North American crude oil midstream entity Transaction Highlights Strategic Benefits Capital Allocation $5.15 Billion CAD Improves Cash Flow Durability ~$0.35/Unit Total cash consideration Reduces commodity related earnings, Potential Special Distribution (~
Slide 4: Summary of Key Transaction Terms
Summary of Key Transaction Terms Executed definitive agreements with Keyera pursuant to which Plains will sell substantially all its NGL Transaction business to Keyera Overview o Transaction has been approved by the Board of Directors of both Plains and Keyera Excludes select U.S. NGL assets includi
Slide 5: High Grading Free Cash Flow Profile
High Grading Free Cash Flow Profile Improving long-term excess cash flow conversion & durability Status Quo Pro Forma Cash Flow Conversion Improves "excess cash conversion” of the asset base ~70% ~80% Disproportionate cash outlay for Canadian NGL assets(6): EXCESS ~$2,875 EXCESS CASH FLOW o Divested
Slide 6: Executing on Existing Capital Allocation Framework
Executing on Existing Capital Allocation Framework Creates optionality to drive long-term value through returns-based approach Continue to Series A/B Opportunistic Progress Preferred Unit Common Unit Bolt-on M&A Repurchases Repurchases Framework Risk Adj. Returns Series A Preferred ~$200 Million ~13
Slide 7: NGL Transaction Checks All the Boxes
NGL Transaction Checks All the Boxes Establishes Premier Midstream Crude Oil “Pure Play” Opportunities to streamline costs, taxes & capital More Resilient / Durable Cash Flow Stream Reduces commodity exposure, seasonality & working capital requirements Attractive Valuation ~8.5x 2025(G) EBITDA & ~13
Slide 8: NGL Business Divestment
NGL Business Divestment Establishing Midstream Crude Oil “Pure Play” June 17, 2025
Plains All American Pipeline — Merger or Acquisition (June 2025) on 6ix